VC fund for Chinese maker of drones
Print Edition
CHINESE drone maker SZ DJI Technology Co has secured one of its largest investments yet from a Silicon Valley venture capital firm that was an early backer of Internet pioneers such as Facebook Inc, Etsy Inc and Dropbox.
The Shenzhen-based company, a global leader in selling commercial and recreational drones, said yesterday that Palo Alto, California-based Accel Partners had agreed to invest US$75 million in the company to help fund its expansion.
The companies declined to comment on how the investment would value DJI, but DJI was in talks last month to raise capital at a valuation of US$10 billion, according to people familiar with the matter.
DJI said talks continue with other potential partners and investors but no more near-term partnerships are expected. Details of the Accel agreement are expected in coming weeks.
“The investment, one of Accel’s largest single investments, is part of a broader effort between the two organizations to help DJI’s global expansion efforts,” DJI said in a statement.
Viewed by US and European rivals as a low-end producer of drones, with its most popular aircraft models priced at about US$1,200, DJI has said it intends to develop more sophisticated drones for industrial customers.
DJI estimates it already has about 70 percent of the commercial market worldwide and a larger portion of the consumer market.
Accel partner Sameer Gandhi said his company spent a year meeting with more than 100 drone-focused hardware and software companies before choosing DJI as an investment partner.
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